What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
No co-sponsors yet.
History
- Reported and committed to finance
- Referred to corporations, authorities and commissions
- Reported and committed to finance
- Referred to corporations, authorities and commissions
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Makes provision for construction and financing of facilities for the New York state library association
In Assembly Committee · Libraries And Education Technology · Sponsor Amy Paulin
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the public authorities law, in relation to the construction and financing of facilities by the dormitory authority for the New York Library Association; and providing for the repeal of such provisions upon expiration thereof
Summary of specific provisions
This legislation would amend sections 1676 and 1680 of the public authorities law to authorize the New York State Dormitory Authority to provide financing and construction services to the non-profit member libraries of the New York Library Association. Individual projects would be limited to $5 million each in project costs.
Justification
This legislation would allow the New York Library Association to bundle together small bonding projects of less than $5 million per library and to submit them jointly to the Dormitory Authority for financing. The Dormitory Authority would be able to pool the individual loans together to achieve a sufficient size to make low cost, tax-exempt bond financing available to these libraries. These projects could also benefit from the construction expertise available through the Dormitory Authority's construction service. Many libraries have projects that range in cost from several hundred thousand dollars to one or two million dollars and are discouraged from submitting these projects on their own to the Dormitory Authority because of all the financing costs involved. The fixed financing costs involved in a tax exempt bond issue make small individual financing impractical. By pooling several projects together, fixed costs can be apportioned over several projects, making Dormitory Authority bond financing a practical alternative for cost effective financing. In 2003, the New York State Library Association conducted a survey which estimated public library construction needs in New York State totaling approximately $1.1 billion. This is directly analogous to existing authority for Dormitory Authority bond pooling granted to members of the New York State Rehabilitation Association by Chapter 371 of 1998 and Chapter 580 of 2003.
Legislative history
A.6256A, 2007 referred to libraries and education technology; 2008 referred to ways and means. Same as S.1684, 2007 and 2008 passed senate. A.11500, 2006 referred to libraries and education technology. Same as S.3110B, 2005 and 2006 passed senate.
Fiscal implications
None to the state. On the local level, it could reduce borrowing costs incurred by local public libraries in constructing or rehabilitating library buildings.
Effective date
Immediately, with a sunset of December 31, 2015.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.